Core Insights - Linde plc is a global leader in industrial gases and engineering solutions with a market cap of $190.4 billion, serving various industries including healthcare, chemicals, and energy [1] - The company is recognized for its operational efficiency and innovation-driven engineering, consistently generating strong financial results and robust free cash flow [2] Financial Performance - Linde's stock has decreased 16.2% from its 52-week high of $486.38, with a 14.7% decline over the past three months, underperforming the Materials Select Sector SPDR Fund's (XLB) 4.2% decrease [3] - Year-to-date, Linde's stock is down 2.6%, lagging behind XLB's 4.4% gain, and has dropped 10.5% over the past 52 weeks compared to XLB's 7.6% drop [4] Market Sentiment - On November 11, Linde's stock closed more than 1% higher after UBS upgraded it from "Neutral" to "Buy," raising the price target to $500, indicating increased confidence in the company's growth trajectory [5] - UBS highlighted Linde as a strong defensive growth opportunity, noting that the stock was trading below its historical valuation with expectations for accelerated earnings growth [5] Competitive Landscape - Rival The Sherwin-Williams Company has underperformed compared to Linde, with shares down 14.3% over the past 52 weeks and marginally down year-to-date [6]

14 Important Notices and Safe Harbor Statement This presentation contains forward looking statements, which are not guarantees of future performance, conditions or results, and involve substantial risks and uncertainties, including the current conflict between Russia and Ukraine, conflict in the Middle East, and related changes in base interest rates and significant volatility on our business, portfolio companies, our industry, the global economy, and uncertainty associated with the imposition of tariffs an ...

Group 1: Walmart - Walmart shares have increased nearly 3% due to positive headlines related to OpenAI, indicating a strong market interest in AI's impact on retail [2][3] - The integration of AI is expected to enhance productivity and operational efficiency, with Walmart being a key player in this transformation [3][4] - Walmart's disciplined pricing strategy and low beta make it a defensive growth play, providing stability during market volatility while also embracing innovation through AI partnerships [5][4] Group 2: BlackRock - BlackRock has achieved a record milestone by surpassing $13 trillion in assets under management, reflecting strong fund inflows and a diverse revenue stream [12][13] - The company is leading in digital finance and tokenization of assets, which is seen as the next wave of innovation in the financial sector [13][14] - BlackRock's stock has risen approximately 31% this year, although technical analysis indicates a potential bearish pattern with resistance around $1172 [20][15] Group 3: Citigroup - Citigroup reported record-breaking revenues across several divisions, contributing to a positive market response with shares up about 1.5% [20][30] - The company is recognized for its strong operational performance, capital discipline, and attractive shareholder returns, including a share buyback and increased dividends [21][23] - Citigroup's stock has shown significant growth, doubling in six months, with key technical levels to watch around $95 to $96 [25][29]

Financial Performance - Q2 2025 adjusted net investment income ("NII") was $0.32 per share, covering the dividend of $0.32 per share[15] - June 30, 2025 net asset value ("NAV") was $12.21 per share, compared to $12.45 per share as of March 31, 2025[15] - The company repurchased approximately $16 million of NMFC shares year-to-date, including $10 million in Q2 at a weighted average purchase price of $10.42 per share[15] - Total dividends paid to shareholders is approximately $1.4 billion since IPO[27] Portfolio Composition and Risk - Approximately 95% of the portfolio is rated green on the company's heatmap, indicating strong credit quality[15] - Nearly 80% of the portfolio is senior in nature, including First Lien, SLPs, and Net Lease assets[15] - Realized Total Net Loss Rate for NMFC since IPO is 1bp[19] - Top 10 portfolio companies represent $759.4 million, or 25.2%, of consolidated investments[67] Investment Activity - Gross originations for Q2 2025 were $122.2 million, while repayments were $141.4 million and sales were $13.7 million, resulting in net less sales originations of $(32.9) million[17, 55] Leverage and Liquidity - Statutory leverage ratio is 1.13x debt to equity as of June 30, 2025[16] - The company has $1,789 million in outstanding debt with a weighted average interest rate of 6.04%[53, 82]

Financial Performance - Adjusted Net Investment Income (NII) for Q1 2025 was $0.32 per share, covering the dividend of $0.32 per share[14, 15] - Net Asset Value (NAV) as of March 31, 2025, was $12.45 per share, a decrease from $12.55 per share on December 31, 2024[14, 15] - The company permanently waived $1.5 million of incentive fees in connection with the dividend protection program[14] - The fair value of investments decreased to $3.0477 billion as of March 31, 2025, compared to $3.1045 billion as of December 31, 2024[16] Portfolio Composition and Risk - 96.5% of the portfolio is rated green on the company's heatmap, with no names rated red[14, 35] - The company's employees and senior advisors own approximately 13% of the company[14, 15] - Only <1% of the portfolio fair value is meaningfully exposed to global tariffs, compared to 13% on average amongst peers[25] - The company's portfolio consists of 93% first lien debt[65] Investment Activity - Gross originations for Q1 2025 were $120.8 million, while repayments totaled $160.4 million, resulting in net originations of -$39.5 million[16, 63] - The company repaid approximately $42 million, primarily from full redemption of UniTek's PIK 2nd Lien Term Loan and PIK Super Senior Preferred II[14] Leverage and Liquidity - Pro forma statutory debt to equity ratio is 1.09x as of March 31, 2025[15, 87]